Private sector to contribute more to GDP: Vietnamese PM

Source: Xinhua| 2017-08-01 00:00:03|Editor: yan
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HANOI, July 31 (Xinhua) -- Private enterprises in Vietnam should contribute 50-60 percent of its to gross domestic product (GDP), Prime Minister Nguyen Xuan Phuc said at the second Vietnam Private Sector Forum on Monday in Hanoi.

Private businesses should focus more on agriculture, food, consumer products, and tourism, as well as on international cooperation in trade, technological transfer and export, Phuc said.

The Vietnamese government will create more favorable conditions for them, especially small-and medium-sized enterprises and startups, to develop, he said.

Since 2010, private sector has contributed more than 43 percent of Vietnam's GDP, and in 2016, some 1,110,000 enterprises were established in the country, according to the Vietnamese Ministry of Planning and Investment.

Up to 72,953 enterprises with total registered capital of 690,700 billion Vietnamese dong (nearly 30.6 billion U.S. dollars) were set up in Vietnam in the first seven months of this year, seeing respective year-on-year increases of 13.8 percent and 39 percent, the ministry announced on Monday.